$400 is not unreasonable. I would offer $350 and see if the price is negotiable, but I would probably be willing to pay $400.
Since it is a 221, I assume that it is a center grip zytel stock. That would be a bonus for me since I prefer the center grip to the rear grip. I don't care for the Zytel, but I can always put another wood center grip stock on it.
Tillio can open that bolt face up for you and rebarrel it to just about any caliber you desire.